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⚡IMPACT LEVEL 3 — NOTEWORTHY

Epstein File EFTA01388960: Austin and Warrant (DS10)

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This document is a market analysis or investment commentary discussing real estate market conditions. It references current market conditions warranting modulation of investment posture and discusses inland real estate markets, specifically noting oversupply risks in Charlotte, Austin, and Houston. The document contains no information related to the Epstein investigation.

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Excerpt 1
Nevertheless, current market conditions **warrant** some modulation around this general posture.
Excerpt 2
Meanwhile, our view of inland markets is mixed: in traditional fashion, a few are at risk of oversupply (e.g., Charlotte, **Austin**, and Houston), while others

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